Sweeping layoffs, hiring and firing as crypto prices take a massive downturn

Many people in the crypto community have been staring at their screens, fixated on financial issues this week. However, this is not the case for everyone. Thousands are experiencing sudden unemployment.

Twitter and LinkedIn also received messages of sympathy and encouragement, which helped to relieve people from their responsibilities. Some expressed anger, frustration, and confusion while others expressed gratitude and renewed vision.

My heart goes out to those who have been laid off. I have also been blessed to have avoided massive layoffs when friends were let go. This privilege comes with its own anxiety, displacement, and upheaval. We are sorry for what you are going through at the moment.
— Matt Murray (@vintageneon) June 16, 2022

Many companies offer job interviews to recently laid-off employees.

Binance was vocal on social media and offered two thousand jobs to replace thousands of those who had been dissolved. Additional support was provided by Changpeng Zhao (or CZ), the company’s president and CEO.

Although it was difficult to say no to sponsorship deals, Super Bowl ads, stadium naming rights and large sponsor deals, we managed. We are currently hiring for 2000 positions in #Binance. pic.twitter.com/n24nrUik8O
CZ Binance (@cz_binance), June 15, 2022

CZ stated that “While many projects and exchanges will struggle through the bear markets, many will return stronger than ever before.” Failures are not a sign of weakness. They will be able to start new projects and learn from their mistakes. This is how an industry grows.

Through a tweet from Brad Garlinghouse, Ripple (XRP), also offered potential opportunities

Ripple has hundreds of open roles all over the world – in person or remotely. We have a “no assholes” policy. If that’s the kind of culture you’re looking for, apply here https://t.co/49kPgUOMpR https://t.co/IZl4wskYFp
— Brad Garlinghouse (@bgarlinghouse), June 16, 2022

The crypto exchange Kraken offered some conditional employment opportunities. For those interested in joining the company, a thirty-two page manifesto describing the company’s culture was made available.

Many other companies also sent tweets out offering new employment opportunities.

Many crypto exchanges have announced large layoffs recently. – @coinbase 18%- @Gemini 10%- @cryptocom 55%- @BlockFi 20%. Despite this, many of our hiring partners still need devs. Rust, Solidity and React are all open! #hiring
Hiring Web3 Devs (@_cryptocareers) June 14, 2022

Rob Behnke (CEO of Halborn Security) tweeted about fully remote opportunities in sales, marketing, security engineering, and HR.

For those who were affected by the $COIN coinbase, BlockFi, or general web3 layoffs, @HalbornSecurity is now hiring for Marketing, Sales and Security Engineering. 100% Remote!https://t.co/UnvgyLwT9j
— //Rob Behnke (@robbehnke), June 14, 2022

Recent days have seen token prices fall, exchanges and investment firms are insolvent, and Bitcoin’s support of $23,000 continues to slide with some even considering $8,000 as the new low. Numerous investors are looking to offset their tax losses to help ease their financial pain. Many portfolios are in deep red.

Hester Peirce criticised the SEC while Mark Cuban shared some wisdom. “Like Warren Buffett said, ‘When you turn the tide, you can see who is naked. “Job seekers, investors, and crypto enthusiasts cannot wait with baited breath to see what happens next.

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